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NRIPage | Articles | Union Government’s Fiscal Deficit Reaches 46.5% of Target by October 2024 | Get Finance & Economics News. Master Your Financial Future - NRI Page
As of October 2024, the Union government's fiscal deficit for the financial year 2024-25 stands at 46.5% of the total budgetary target, amounting to Rs 7.5 lakh crore. This is in line with the government's fiscal consolidation strategy, which aims to bring down the fiscal deficit to 4.9% of GDP for the year, an improvement from the previous fiscal year's target of 5.6%.
The fiscal deficit gap, which represents the difference between government expenditure and revenue, is Rs 7.5 lakh crore for the period from April to October. This is compared to the fiscal deficit of Rs 8.03 lakh crore in the same period last year.
For the current fiscal year, the government has targeted total receipts of Rs 17.2 lakh crore, with total receipts for the first seven months reaching 53.7% of the target. Of these, net tax receipts stood at Rs 13.04 lakh crore, which is 50.5% of the target, similar to the amount collected during the same period last year. The government’s total expenditure during this period was Rs 24.73 lakh crore, about 51.3% of the annual target, compared to Rs 23.94 lakh crore last year.
One factor supporting the fiscal deficit has been the Reserve Bank of India's record dividend payment of Rs 2.1 lakh crore to the central government for FY 2024. In addition, the reduction in capital expenditure, mainly due to the Lok Sabha elections, has also impacted the fiscal deficit numbers. Capital expenditure from April to October was Rs 4.67 lakh crore, or 42% of the annual target, significantly lower than last year's 14.6%.
Additionally, non-tax revenue for the period reached Rs 3.99 lakh crore, surpassing the budget estimate of Rs 2.65 lakh crore for the fiscal year 2025.
